Top Financial Stocks
JPM +1.13%
BAC +1.33%
WFC +2.29%
C +0.46%
USB +0.63%
Financial stocks this afternoon extended their market-leading gains as the Federal Open Markets Committee begins its two-day meeting where the panel is tomorrow expected to announce another 0.25% increase in interest rates. The sector also is being buoyed by a larger-than-expected 0.4% rise in the November producer price index, matching its October advance and beating the 0.3% consensus.
At last look, the NYSE Financial Sector Index was higher Tuesday, climbing almost 0.9% while shares of financial companies in the S&P 500 were adding nearly 1.1% in value.
In company news, Ally Financial ( ALLY ) rose to an all-time high on Tuesday, reaching a best-ever $29.32 a share, after the financial-services company today said it has selected Jenn LaClair to be its next chief financial officer, taking over next Monday for Chris Halmy who has held the post for the past eight years.
LaClair joins Ally Financial from PNC Financial Services Group ( PNC ), where she spent 10 years in various business and finance roles. Halmy is expected to remain at the company to assist with the transition until retiring next March.
In other sector news,
(+) GLBR, Voluntarily files for Chapter 11 bankruptcy protection with support from both shareholders and creditors. The company expects to complete its reorganization by mid-February.
(-) IRET, Fiscal Q2 core funds from operations slip $0.02 from year-ago levels to $0.10 per share but beating the single-analyst call by $0.01 per share. Revenue grows 6.5% to $53.9 mln, topping the $53.7 mln analyst mean.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
